Pharma firm Netmeds raises over $35 mn in Series-C funding from Daun Penh

Online pharmacy Netmeds Saturday said it has raised $ 35 million (over Rs 3.2 billion) in Series C funding round from Daun Penh's investment holding, Singapore, and existing investors.

The company had earlier in October 2017, raised $ 14 million from Cambodian investment holding company Tanncam and venture capital firm Sistema Asia Fund.

The company will use the funds "to both increase awareness through marketing efforts as well as to enhance the customer experience..., Netmeds.com CEO and Founder Pradeep Dadha said.

The money would be used to ensure that the company 'stayed the course' with regard to the extraordinary double-digit month-on-month growth it has enjoyed since inception, he added.

Daun Penh was joined in the round by the existing investors Sistema Asia Fund, and Tanncam Investment, Dadha said.

As per Netmeds, it has an inventory of 35,000 stock keeping units (SKUs) of prescription drugs and 5,000 SKUs of over-the-counter (OTC) products.